Consumer Bankruptcy Lawyers in Amarillo, Texas

Find the right Consumer Bankruptcy attorney in Amarillo, TX

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you eventually decide that they are outweighed by the benefits. Bankruptcy is a formation of federal law, and goes through federal courts. Therefore, the process governing bankruptcy in Texas will be roughly the same as it is everywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Amarillo, Texas before you file.

Chapter 7 Bankruptcy in Amarillo, Texas

There are 2 typical types of consumer bankruptcy in Amarillo, Texas: Chapter 7 and 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once the non-exempt property is sold, the rest of the dischargeable debt is excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Amarillo, Texas is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Amarillo, Texas

Chapter 13 Bankruptcy in Amarillo, Texas differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up an altered payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Amarillo, Texas

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Amarillo, Texas bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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Life in Amarillo

Amarillo is the seat of Potter County and largest city in the Texas Panhandle with over 175,000 residents according to the 2000 Census. Known to most as the "yellow rose of Texas," Amarillo is also the self-proclaimed "helium capital of the world" because the United States' most productive helium fields are located in town. Amarillo was originally known throughout the United States as a capital for cattle trade.

The city's industry hasn't changed much, Amarillo is still the location where roughly 25% of the nation's beef supply is processed and is also home to the Texas Cattle Feeders Association. Tyson Foods is Amarillo's largest employer attesting to the meatpacking heritage of the city. Healthcare, the Amarillo Independent School District, and the City of Amarillo are other top employers. Bell Helicopter Textron operates and assembly plant in Amarillo which is responsible for the V-22 Osprey and Marine One assembly.

The Globe News Center for the Performing Arts in Amarillo houses the Amarillo Opera, Amarillo Symphony, and Lone Star Ballet in addition to concerts. For those who want the Texas Cowboy experience, Amarillo plays host to the Tri-State Fair and Rodeo as well as the World Championship Chuckwagon Roundup that is a food festival featuring staples cowboys and pioneers historically ate in the area. The World Championship Ranch Rodeo is put on by the Working Ranch Cowboys Association and attracts accomplished cowboys from around the world. There's even a weekly cattle auction that's free to the public named the Amarillo Livestock Auction. The American Quarter Horse Association and Hall of Fame is another internationally known Amarillo organization.

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